Brazilian Residentes with assets abroad must report to BACEN by april 5th to avoid fines

Brazil

02/28/2020

Azevedo Sette Advogados

Individuals and legal entities must report investments on an annual or quarterly basis, depending on the value of the asset abroad. Check other deadlines that may apply to you.

Who is required to report?

Statement of Foreign Capitals Abroad (Declaração de Capitais Brasileiros no Exterior) (DCBE) is mandatory for individuals and legal entities residing, domiciled or headquartered in the Country, and holding assets abroad equal to or exceeding:

• US$ 100,000.00, or equivalent sum in other currencies as of 31st December of each base-year – Annual CBE.

• US$ 100,000,000.00, or equivalent sum in other currencies as of March 31st, June 30th, September 30th and 31st December of each base-year – Quarterly CBE;

What is the deadline?
• For annual statements referring to the base-date of December 31st of each year: April 5th 2020;

• For quarterly statements referring to base-date March 31st: June 5th, 2020;
• For quarterly statements referring to base-date June 30th: September 5th, 2020; and
• For quarterly statements referring to base-date September 30th: December 5th, 2020.

Are there Fines?

Fines for failure to submit, or submission of false, inaccurate, incomplete or untimely information range from R$ 2,500.00 to R$ 250,000.00 and may be increased by 50% in some instances.
Azevedo Sette Advogados corporate and taxation teams are ready to review your case and assist you with additional steps on the matter, including necessary registrations and updates with BACEN